If you are dealing with severe debt to the point of receiving final demands and phone calls, it can take an immense toll on your mental health, which in turn could cause you to lose sight of potential debt solutions.
Whilst organising and developing a practical plan for getting out of debt(1) is very important, it cannot happen at the expense of your physical and mental well-being and therefore the ability to develop practical plans to get out of debt relies on managing that stress and emotional toll.
Here are some top tips to help manage that.
Never feel that you need to suffer in silence, trying to silently move a mountain of debt without anyone noticing. Talk to someone you feel comfortable confiding in, whether that is friends, family or partner.
As well as this, contact a professional who can provide impartial advice to help you take those first steps away from a debt crisis and towards debt management.
Self-care is a broad term(2) for a range of ways in which we can manage and help our mental and physical well-being. It is perfectly natural to feel depressed and anxious about debt, but there are steps you can take to help relax and focus away from your personal worries and towards solutions.
Take the time to ensure you have a healthy, balanced diet, take mindfulness walks or exercise, and ensure that you get regular sleep. You are managing your debt, and your life should not stop because of it.
Skyscrapers were built one brick at a time, and wiping out debt is often a gradual process, of which every step is important and takes you one step closer to a debt-free life.
Whether that is discussing payment plans with creditors, organising and prioritising paying down debt or setting a budget and sticking to it, recognise that every step is a symbol of your commitment to freeing yourself of your debt.
If you are struggling with debt as a result of the cost of living challenges you can contact the Fresh Start UK team today.
Money Helper has replaced the Money Advice Service and brings together the support and services of three government-backed financial guidance providers: the Money Advice Service, the Pensions Advisory Service and Pension Wise.